Gold prices ticked up during Monday's Asian trade, extending last week's gain of 0.6% as price action remained steady ahead of closely watched trade negotiations between the United States and China and upcoming U.S. inflation data.
By 4:15 pm AEST (6:15 am GMT) spot gold prices were up $6.74 or 0.2% to trade at US$3,316.84 per ounce.
The metal remains saw some selling pressure following Friday’s upbeat U.S. nonfarm payrolls (NFP) report, which boosted the Greenback and dampened hopes of aggressive Federal Reserve rate cuts.
However, the dollar has since pulled back, weighed down by escalating political unrest in Los Angeles over immigration policy.
President Donald Trump authorised the deployment of 2,000 National Guard troops to restore order, overriding objections from California Governor Gavin Newsom - a move that has unsettled markets and weighed on risk sentiment.
Additionally, investors are adjusting dollar positions ahead of Wednesday’s U.S. consumer price index (CPI) release, which is expected to tick up to 2.5% following last month's reading of 2.3%.
Meanwhile, ongoing geopolitical tensions between Russia and Ukraine continue to lend support to safe-haven assets like gold.
